Club Lloyds current account

Evan3020

To meet the requirements of the £1500 paid in each month can i just transfer it in from another account and the transfer most out or does it have to come from a salary?

LittleVoice

Evan3020 said:

To meet the requirements of the £1500 paid in each month can i just transfer it in from another account and the transfer most out or does it have to come from a salary?

It can come from anywhere - in and out of savings (from Lloyds or external) or from another current account.


MSE tend to say that a certain pay-in requirement equates to so much of annual salary but that is misleading.  Not Lloyds but  some do require the funds are received from an external account (eg Nationwide stipulate this and it can't even be from somebody else's account with Nationwide).

george9071

Can come from anywhere as long as it's payed in is all that matters.

happy_hazelnuts

Just to add - and you probably know this - it doesn't have to be 1500 in one go it can be 1500 payments of £1 if you wish (or anything in between)

DCFC79

Yes it can come from another account is how I have mine setup, its 1 of the accounts that I know of where it doesn't need to be a salary.

colsten

DCFC79 said:

Yes it can come from another account is how I have mine setup, its 1 of the accounts that I know of where it doesn't need to be a salary.

Not one single current account requires a salary to be paid into it. Many people don't even have a salary (e.g. pensioners, stay-at-home parents etc). 

DCFC79

colsten said:

DCFC79 said:

Yes it can come from another account is how I have mine setup, its 1 of the accounts that I know of where it doesn't need to be a salary.

Not one single current account requires a salary to be paid into it. Many people don't even have a salary (e.g. pensioners, stay-at-home parents etc). 

Halifax did didn't it ?
Didnt know if there were others I didnt have hence why I said that I know of.
In any case thanks for the update.

colsten

No, there has never been one single current account that is reserved to people who receive a salary.

The requirement for a minimum monthly deposit must not be confused with the receipt of a salary.

There are some accounts which incur a monthly charge if no minimum monthly deposit is made, or which only pay rewards/interest if a minimum monthly deposit is made. Accounts which are overdrawn and which don't see regular / monthly deposits being made might get closed (with notice).  But in no case does any deposit have to come from a salary.

polymaff

DCFC79 said:

Halifax did didn't it ?

Never come across it in the 50 years I've used the Halifax - and that started as a salary-less student and is now as a salary-less pensioner....

CRISPIANNE3

I have about 4 Club accounts (like the freebies) and just do a round robin each month. 

dcs34

There have been accounts that heavily implied a salary needed to be paid in, much in the same way banks heavily imply a current account switch offer must be your "main" current account.

No bank can determine what payments are salary payments in the same way they can't determine what a "main" account is. Of course minimum monthly pay-ins is their shortcut around this to try to ensure most of the accounts getting benefits are being used by customers as the banks would want them to be, rather than those MSE users reaping the rewards!